2016年-ECB欧洲央行_CCBM_procedures_for_Eurosystem_counterparties_15页_215kb

Correspondent Central Banking Model (CCBM) Summary

Core Content

The Correspondent Central Banking Model (CCBM) is a framework introduced by the Eurosystem in January 1999 to enable the cross-border use of eligible assets for credit operations. It ensures that all marketable and non-marketable assets eligible for Eurosystem credit operations can be mobilised by counterparties, regardless of their location.

Main Features

• Eligible Assets: Both marketable and non-marketable assets can be used as collateral.

• CCBM Types:

  • Standard CCBM: Assets are transferred to the central bank of the country where they were issued (the CCB) for the account of the HCB.
  • CCBM with Links: Assets held in an investor SSS can be used if there is an eligible link between the issuer and investor SSS.
  • Triparty CCBM: Allows for the use of triparty collateral management services through approved triparty agents (TPAs).

• Collateral Management:

  • For marketable assets, the CCB holds the collateral on behalf of the HCB.
  • For non-marketable assets (credit claims and RMBDs), the CCB acts as the custodian on behalf of the HCB.

• Processing Hours:

  • The CCBM is generally open from 09:00 to 16:00 CET.
  • Instructions received after 16:00 CET are treated on a best effort basis.
  • In exceptional cases, the closing time may be extended.

• CCB Identification:

  • The CCB is typically the NCB of the country where the asset was issued.
  • If a link exists, any Eurosystem NCB with an eligible link can act as CCB.
  • For triparty services, the NCB offering the triparty service acts as CCB.

• Legal Framework:

  • Based on internal Eurosystem agreements.
  • Each NCB acts as a local agent for others.
  • Legal terms and procedures are set by the HCB, and the CCBM respects these.

• Processing Time:

  • HCB and CCB aim to process CCBM instructions within 30 minutes.
  • Custodians are expected to submit instructions to the SSS within 30 minutes.
  • Best practices include the use of the "CNCB" code and timely communication.

• Fees:

  • Transaction Fee: €30 per delivery of assets to the HCB (excluding triparty services).
  • Service Fee: 0.0069% per annum on the nominal value of the assets held.
  • For triparty services: €30 per processed instruction and €50 per TPA used monthly.

• Statistical Reporting:

  • Collateral mobilisation statistics are published monthly on the ECB's website.

Key Points

• CCBM Functionality:

  • Enables cross-border collateral use for Eurosystem credit operations.
  • Offers flexibility through three types: standard, with links, and triparty.

• Legal and Technical Requirements:

  • Counterparties must agree on legal terms and technical procedures with their HCB and CCB.
  • They must submit authorised signatures, standard identification numbers, and register the claim with the CCB.

• Special Cases:

  • Irish Mortgage-Backed Promissory Notes (MBPNs) have a specific ad hoc procedure.
  • Foreign law credit claims can be used with local procedures if permitted by the HCB.

Main Viewpoints

• The CCBM supports the Eurosystem's objective of ensuring equal access to credit operations across the euro area.
• It facilitates the use of cross-border assets, enhancing liquidity and efficiency in monetary policy implementation.
• The model allows for the use of various collateralisation techniques (repo, assignment, pledge, floating charge) based on the HCB's preference and the legal framework.

Critical Information

• The CCBM is not mandatory; counterparties may use approved alternatives.
• The ECB provides a list of eligible assets, SSSs, and links on its website.
• The "CNCB" code is used to identify and prioritise CCBM-related instructions.
• Processing efficiency is enhanced by the collaboration between central banks and custodian banks.
• The CCBM is subject to specific legal and operational rules depending on the type of asset and jurisdiction.